The company buy liquivent cost started with one promising potential cancer treatment has raised tens of millions buy liquivent cost dollars from investors in Asia to fuel an ambitious expansion strategy. By snapping up or making licensing agreements with small pharmaceutical companies, Kinex gained access to an array of prospective drugs poised for sale on the market.
The company even is changing its name, to Athenex, to reflect this broader portfolio. The state and federal governments have poured hundreds of millions of dollars into labs and clinical offices at the University at Buffalo, Roswell Park Cancer Institute, Hauptman-Woodward Medical Research Institute and elsewhere on the Buffalo Niagara Medical Campus, hoping to turn health care into an economic engine for Western New York.
Some of that investment will create new jobs immediately. But much of it is a bet that creating a critical mass in health care and biotech will breed new businesses — like Kinex — that generate wealth and jobs far beyond buy liquivent cost immediate payoff.
They struggled to raise funds here or moved to regions that had more fully developed biotechnology industries. Kinex wants to open major drug-manufacturing centers in this country and abroad. The state is preparing a lucrative incentive package to keep the company here. Kinex has stuck with Buffalo before. Four years ago, it turned down a badly needed investment that would have forced the company to relocate to the Boston area. So far, Buy liquivent cost has retained its independence, even as most startups jump at the chance to license their technology to a bigger pharmaceutical company, get acquired or go public.
Hangauer was working at pharma giant Merck, trying to find a better way to fight cancer. Hangauer is a Lancaster resident who regularly attends Town Board meetings and keeps a close eye buy liquivent cost the actions of elected town officials. At Merck, he first got buy liquivent cost in the idea of targeting a class of enzymes known as kinases.
The body contains hundreds of different kinases, and pharmaceutical companies for years have viewed kinase inhibitors as a promising cancer treatment. If you can develop a chemical compound to inhibit or block the kinase in a cancer cell, you can prevent the spread of cancer while limiting the damage to healthy cells. Hangauer continued his research at UB, where he received financial support from the university, the federal government and a pharmaceutical company.
That funding dried up, but Hangauer remained convinced he was onto something big. He and a buy liquivent cost of co-founders launched Kinex in They brought in experienced biotech executives to run the startup.
Barnett owned a home near Fort Erie, Ont. Lau to join Kinex as executive chairman. But the company faced the same challenge as every other biotech startup: The odds against success are staggering. For every 5, to 10, compounds discovered by researchers, just five will make it to clinical trials and just one will win approval from the U.
Raising capital is especially difficult for startups located outside Boston, San Diego and other major buy liquivent cost hubs. Eventually, that left Kinex executives facing a fateful decision. From the beginning, Kinex aggressively buy liquivent cost angel investors in Buffalo. Lannon, a well-connected entrepreneur and founder of Sovran Self Storage, rounded up a group of local doctors and business people to invest in the company.
Kinex officials made their pitches to prospective backers, with Hangauer distilling how kinase inhibitors work and why they show so much promise. Many were drawn to supporting a homegrown company trying buy liquivent cost find a better cancer treatment.
Inafter years of scraping by on angel money, a private equity firm in the Boston area agreed to put millions of dollars into Kinex. But that financial lifeline came with several conditions: Kinex had to move to Massachusetts and give up control of its board, and the offer set a lower valuation for the company than seen in the angel financing up to that point. But he and Lau were convinced that they could raise enough money buy liquivent cost their own.
Lau is from Hong Kong and has extensive contacts in the biotech industry in Asia. Besecker, who first came buy liquivent cost Kinex as an investor and joined the board inserves as the public face of the company now. The former chief executive of the Center for Hospice and Palliative Care is an Orchard Park native with a well-traveled career in health care finance at startup and Fortune companies. He encouraged his teenage sons to study international business and learn Chinese. Asia is a fertile potential market for buy liquivent cost sciences companies.
Kinex cultivated individual and institutional investors in Asia who would bring the company credibility and connections. Beyond raising money there, Kinex is securing deals with Asian pharmaceutical companies to give the company access to drugs that are closer to winning final regulatory approval in the United States and worldwide. Cancer medication taken orally promises to be more tolerable, convenient and effective for patients, and the first company to perfect this process can expect to grab a big share of the multibillion-dollar cancer drug market.
For a startup, the typical goal is to license its technology to a Big Pharma company, get acquired or go public. The acquisitions began buy liquivent cost September with QuaDPharma, a Newstead buy liquivent cost that conducts testing and small-scale manufacturing for pharmaceutical clients. Buy liquivent cost, president and chief operating officer of QuaDPharma, which he started with several co-founders in QuaDPharma was looking to raise investment money last year when Kinex proposed acquiring the company.
QuaDPharma doubled its workforce last year, to 25 or 30 employees, and expects to double it again this year. Kinex later purchased Polymed Therapeutics, a Houston-based corporation that sells medical devices and active pharmaceutical ingredients; Taihao, a Chinese company that manufactures ingredients used in cancer drugs; and Comprehensive Drug Enterprises, a Hong Kong pharma company.
The model of buying companies outright, or licensing their technology, to gain access to market-ready products has become popular in the biotech industry. Today Kinex is buy liquivent cost global company on an ambitious growth track, and industry experts say the Buffalo Niagara region is better prepared than ever to host a biotech company with that kind of potential.
Lasting success for any young life sciences company is far from certain. Buffalo Niagara has pinned its hopes on other biotech companies, only to see them fail or lag — or find success only after leaving town. Jacobs, a Buffalo neurologist.
Many industry veterans think Kinex will be different. Buffalo today has a burgeoning Medical Campus that links clinical and research institutions, a recognition by its colleges and universities of the need to educate a life sciences workforce, a tightknit network of organizations that support biotech startups and the full-on engagement of local and state officials in growing a life-sciences economy. We have it now. That decision caused grumbling among some Buffalo investors who wanted to put more money into Kinex.
Shields, one of eight or 10 radiologists from his practice, Great Lakes Medical Imaging, who invested in Kinex. Murphy, left their positions in June.
Kinex soon will add its sixth and seventh board members, and only Besecker will be based here. Kinex executives are talking with New York State about a buy liquivent cost incentive package, backed by money from Gov. Besecker said the company is committed to Buffalo, but the region is just one contender for a major new North American manufacturing facility. The company is planning a similar facility in China. Besecker and Kinex have grand plans for more new products and medical devices.
In five years, Besecker said he envisions a couple of thousand employees, spread over a dozen manufacturing sites throughout Asia and North America. Developed two compounds, known as kinase inhibitors, that grew out of research conducted at the pharmaceutical giant Merck and later in a UB chemistry lab that buy liquivent cost promise as cancer drugs.
The company has expanded its fundraising and product development to Asian markets. Kinex has been on a growth surge over the last two years, buying companies or reaching licensing buy liquivent cost that give it access to propective drugs that buy liquivent cost closer to winning regulatory approval, along with new testing and manufacturing services.
Kinex and buy liquivent cost officials are negotiating a lucrative incentive package, funded by the Buffalo Billion, that could support a major company expansion in the region. Some of the innovations that can trace their roots to Buffalo but largely were commercialized elsewhere:. In a region pining for a biotech blockbuster, Kinex Pharmaceuticals could be it. Buffalo has been there before. The question these days: Will Kinex be different?
The pair had a track record, but Kinex was far from a known commodity. Finding angel investors Raising capital is especially difficult for startups located outside Boston, San Diego and other major biotech hubs. Kinex, so far, has spurned those options. Ambitious growth track Kinex later purchased Polymed Therapeutics, a Houston-based corporation that buy liquivent cost medical devices and active pharmaceutical ingredients; Taihao, a Chinese company that manufactures ingredients used in cancer drugs; and Comprehensive Drug Enterprises, a Hong Kong pharma company.
The ones that got away Some of the innovations that can trace their roots to Buffalo but largely were commercialized elsewhere:
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